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Why do shareholders who get STAR checks directly from NYS (this was implemented a few years ago) get a higher co-op abatement from NYC than those who do not get their STAR checks from NYS. Both types of shareholders have the same size apartments, number of shares and maintenance. Thank you.
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I believe you are referring to information on the below link from the DOF website.
I believe this only applies to homeowners not co-op's and condo's
https://www1.nyc.gov/site/finance/benefits/landlords-star.page
I would like to correct my previous response.
I was informed by the DOF "If you currently receive the Basic or Enhanced STAR exemption, you will continue to receive it, but you can choose to register for the STAR credit to receive a check instead"
I was told that the amount of the Star credit will increase in the future but the value of the exemption will not. No further explanation as to why. I also asked if the co-op abatement was included in the lump sum check and was told “No, the check is only for the STAR credit, which is issued by New York State”.
I hope this helps you..
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Could you explain how one receives their abatement directly from NYC? Are you certain it is the STAR abatement? From my understanding the STAR abatement is sent directly to the Managing Agent who then either disperse the money to the owner OR some Coops keep the abatement thus avoiding a maintenance increase. There is a similar question going on about how to obtain lost abatement in which a commenter recommended this link: https://cooperator.com/article/star-on-the-rise/full This is a very good article, explains much and includes the following: "When you live in a co-op, the money doesn’t go directly to the unit owner, but to the building itself. It’s then up to the management company or building administration to disburse the money to the proper parties.... the abatement is paid in a lump sum directly to the building"
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